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Tickers in this Article: GLD, IAU, SLV, SIL, GDX, GDXJ, PPLT, PALL
New York, May 16th ( - Welcome to the world of broken records where gold bugs are enduring the same situation on a daily basis. The euro is sent packing; traders flew to the dollar while gold falls in the process. Such is life for gold these days. Comex gold for June delivery fell $20.50, or 1.3%, to settle at $1,536.60 a troy ounce. That's the lowest closing price since July 2011. The PowerShares DB US Dollar Index Bullish (NYSE: UUP) added another 0.22% today and is up almost 2% in the past week. As we noted in our oil recap, the U.S. Dollar Index has closed higher everyday for the past 13. So savage have gold's beatings become that bear market territory was seen earlier today. Meaning, that at one point today, gold futures were trading at prices that were 20% below the September 2011 peak. Prices later recouped most of their losses following a meeting between new French President Francois Hollande and German Chancellor Angela Merkel at which they pledged to forge a joint approach for an EU summit next month, Reuters reported.

The iShares Gold Trust (NYSE: IAU) is now trading below $15 for the first time since late 2011 and the SPDR Gold Shares (NYSE: GLD) is below $150 with no end in sight. Things are worse for silver. A decline of almost 2% for the iShares Silver Trust (NYSE: SLV) means the ETF could see a new 52-week low as soon as Thursday. SLV has lost more than 7% in just the past week.

Adding fuel to the bear argument against gold is the fact that global investors have reduced their exposure to the yellow metal for three consecutive months. Royal Bank of Scotland Plc, ABN Amro Bank NV and Barclays Plc cut their forecasts in May, though Goldman Sachs expects prices to rise 26% to $1,940 an ounce in 12 months, Bloomberg reported today.

Gold's bear market flirtation could signal an end to an 11-year bull run that has been unprecedented to say the least. Troubling is the fact that GLD has twice violated its 200-day moving average on its daily chart this year, something it had not done for several years. \

Don't expect to find refuge in the arms of other precious metals. The ETFS Physical Platinum Shares (NYSE: PPLT) was down again and could see its 52-week low in a matter of days. The ETFS Physical Palladium Shares (NYSE: PALL) lost another 0.4% and is also on 52-week low watch.

Mining melee: The Global X Silver Miners ETF (NYSE: SIL) fell two-thirds of a percent on strong volume, extending a slide that has seen the ETF fall 21% in the past month. Oddly enough, the Market Vectors Gold Miners ETF (NYSE: GDX) celebrated its sixth birthday today with a small gain while the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) lost 0.8% to celebrate another all-time closing low.

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